EPCA ’23 PODCAST: ExxonMobil targets carbon-removal business growth, core competencies to drive green focus

VIENNA (ICIS)–ExxonMobil Europe president Philippe Ducom sat down with ICIS chief news correspondent Tom Brown to discuss the US-based oil and gas major’s approach to its decarbonisation drive, and the global path to net zero.

Click here to read ExxonMobil’s global outlook to 2050.

• Company emissions-reduction priorities are based on existing competencies such as geological infrastructure and transport knowledge, to feed a drive towards developing as a carbon-removal business
• European competitiveness in the petrochemicals industry is being challenged where much of the net zero transition work needs to happen
• Policymakers should focus on a simple, market-based, technology-neutral approach to regulation
• Green Deal has added to the complexity of operating in Europe, compliance weighs heavily on SMEs
• ExxonMobil has earmarked $17bn on lower-emission investments globally 2022-2027.
• Policy support, technological advances and market-driven solutions are all necessary for the success of energy transition, driven by collaboration across companies, governments, universities etc
• Permitting reforms necessary in Europe to drive development of infrastructure and capacity
• Europe has a “far more prescriptive and punitive” policy approach than the US, as the Inflation Reduction Act is a more pragmatic, incentive-driven approach for companies to deploy a range of low-carbon projects and technologies
• Crucial that the EU does not bring more regulations for picking winners, which will restrict competition and exclude technologies
• ExxonMobil’s sustainability plans require a stable, sustainable investment environment

Click here to read ExxonMobil’s global outlook to 2050.